Realistically, when do you think you can retire?

Yah not in Knoxville proper, but within about 45 mins from downtown. There were some homes I saw for like $600k on acreage with waterfront. This was more than a year ago though, so I'd imagine they've gone up quite a bit!

 

Did 20 yrs mil, 20 yrs civil Service, bought 2 rental homes over the years plus the one I live in, played the re finance game, invested heavy in my 401, saved my nickels and dimes and paid off the real estate and retired for good at 59. Now I travel and play at 66. advice - invest in real estate and save while you are young.

 

Don’t worry, I’ll never move there. Your summers are too damn humid.

 

That’s funny. Looking at warm states that are retirement tax friendly Tn tops the list. Unless you go to Fl were the rest of them all ready are. I know we plan to get the heck out of Ct for sure. It’s so bad the previous governor wanted to tax state workers taking their pension and running. Notice I said previous.

 

MA is expensive anyways, but this happened to my sis and brother in law. They wanted to stay in his hometown but couldn't afford to, in part b/c about 8 people would buy a house together.

 

In the past California had the highest rate of folks coming in. Better jobs better weather but most important highest welfare payments. This resulted in folks that want a better life and can afford it leaving the state.

The same states that were happy to be rid of their poor are now complaining that the financially well off are coming to their state to spend money.

Of course the incoming folks bring their ideas and beliefs. The same happened in California.

But guess what, it’s been that way since the first two legged primate crossed the river because there was more food or a better cave on the other side.

To those complaining now, just wait 90 or so years like we have and the trend will reverse

 

True. Property rarely looses value in the long term. But it seems many today want everything now. They don’t want to ensure a much better tomorrow by sacrificing a small bit today.

The sad thing is my generation is responsible. Too many gave their kids everything they could. Our kids learned from us and did the same. Now our grandkids believe the world owes it to them.

There’s an old saying in business. Shirtsleeves to shirtsleeves in three generations. Turns out it’s true.

 

That's what some forget, you don't get to pick re your part about the poor and well off demo. The beliefs part, same thing happened in New Hampshire recently..state motto is "Live Free Or Die", nuff said..people in MA are moving there a lot because they're getting priced out.

A little different but a former friend of mine was like that, bought a house and didn't maintain it or pay people to do it. Ended up selling because he needed a bigger house anyway plus it was just too far gone for his needs. Pretty sure the purchaser had to demo it and start over.

I'm in my 40s and grew up in a rich town though my parents were far from wealthy, but so many parents around me spoiled their kids both financially and always wanting to be the buddy versus the parent.

 

I retired at 53, Sold out homes on the west coast and moved to SC where we could buy a house for cash and invested the rest 12 years ago....So we retired a few years early, I sold all my stocks in my IRA and Non Ira accounts. Income is 2x what we need. Life is good. '
I only used the Motley Fool's Stock Advisor service for the past 20 years and it has been more than great over the years with early calls on NFLX<AMZN<FB and Google and a host of small $30 companies that became huge like NVDIA.

I would recommend the Motley Foll Stock Advisor Newsletter for anyone who doesn't trade but invests, Never used another service.

 

Thanks Tom for the advice. Does the Motley Fool have a buy list ? Is there a charge for there service? Do they offer many services, if so which one u recommend?

 

It seems to be a majority of the time. My favorite version is "The first generation starts the business, the second expands it, and the third runs it into the ground."

 

The problem I can already see I will have is it's hard to know exactly when that millisecond is. I am a believer in the 4% rule, but even once that gets hit I will want to build some more to be damn sure. It is a lot easier to keep working than go back to work. Then the next game you get to play is the "if I work one more year I can spend x more dollars per year in retirement". Good problems though.

 

You’re talking about North Massachusetts.

You need to go through a Notch to get to the real New Hampshire.

 

I wonder how many younger folks on here are going with the FIRE movement and working towards a very early retirement?

I have 3 years 5 months and 1 week until I'm fully vested in all my retirement benefits at my job (which aren't earth shattering by any means, but hey it is free money). I'll be halfway to 34 years old by then. I'm thinking of around that time making a transition to part time work for awhile and really just doing those things in line with my passions vs. just working at some 9-5 job every day doing what other people tell me to do. My biggest concerns are with healthcare costs, since at that point that will be one of my largest monthly expenses more than likely.

I really like my job, I just don't like working for other people. If it wasn't for politics and diplomacy my job would be a passion, but unfortunately reality and people kind of ruin that for me lol.

and if any younger people on here have made that retirement transition whether that's to part time work or no work, how have you dealt with the cost of healthcare?
Or how are others planning for that expense should you be planning to retire before 65?

 

I could have wrote this^

 

Well said. I'm facing the same questions in a few years about health care. I thought the one benefit from the affordable care act was Healthcare costs were income based. So the first year we retire it will be expensive due to full employment from the previous year but our second year would be much cheaper, maybe $200 month?

 

Looking at the ACA website, with a lower income it does appear as if the premium is OK on affordability. The out of pocket maxes are just insane ($15k-$17k). Deductibles being darn near the OOPM.

 

Work pays mine until 65. We'll buy my wife's part of that. I don't know how someone does it on their own. Good health care is expensive. I'll leave at 60 to maximize my retirement. In a sense, I'll leave at 59 because I have a year's worth of sick leave to burn right now. I'll have another 40 or so days then.

 

...for now. My work cut out paying for insurance after retirement.

 

Today, ten years ago, but the wife is just starting a career she loves and I keep doing this and that that I enjoy since we’re young.


EDIT: to say there’s a difference between could retire, and could retire comfortably enough to build the house we want and help the family we want to, etc. We’re nowhere near there yet. If we wanted to stop working we could survive. If we want to thrive and provide the way we’d like to we will continue to work for another 20-30 years at least just because more freedom and flexibility is better than less. ✌ and we enjoy what we do anyway ha